Lyon: Raymond James raises target price of Li Ning to HKD 18, maintains "neutral" rating.

Lyon released a research report stating that Li Ning's retail sales performance in the fourth quarter of 2025 was moderate, meeting expectations. The net profit margin for the 2025 fiscal year is at a high level in the high single digits, better than market expectations, mainly due to cost reductions from store closures and government subsidies. The bank expects more evidence to be needed for the next round of valuation revaluation to show that the company's new initiatives can drive retail sales recovery. The target price has been raised from HK$16 to HK$18, maintaining a "hold" rating.